Paying back student loans is expensive and it’s natural to want to save as much money as possible. You may be wondering - are your payments tax deductible? Unfortunately, you can’t deduct your entire payment, only the portion that covers your interest charges. It’s important to know the correct way to report the interest on your income taxes so it can reduce the amount of tax you pay at the end of the year. Here are some facts and tips to help navigate your student loan deductions:
Tax returns can get complicated, that’s where your Denver tax service comes into play. Bloch, Rothman, and Associates will make sure that you get the most out of your tax return and your student loans.